JBM Auto rolled out its maiden electric luxury coach ‘Galaxy ‘at Auto Expo 2023.
The stock of Jay Bharat Maruti (JBM) Auto peaked to a 52-week high in the final hour of the trading session on March 9. The surge in the share price came shortly after a key announcement was made on the enhancement of the government’s electronic vehicle fleet in the Maharashtra budget.
While presenting the state’s fiscal roadmap for 2023-24, Maharashtra Deputy Chief Minister Devendra Fadnavis said the total EV fleet under the state transportation network would be increased by 5,000.
Subsequently, the shares of JBM Auto, which is gunning for a lion’s share of the electric transportation market in India, shot up. The price steadily soared post 3 pm, and neared the Rs 640-mark.
The scrip settled at Rs 634 at the BSE, which was Rs 40.10 or 6.75 percent higher than the previous day's close. At the NSE, it ended at Rs 625.50, marking a jump of Rs 31.65 or 5.33 percent as compared to the last closing price.
JBM Auto, which is also a Tier-1 auto component supplier to leading carmakers such as Maruti Suzuki, Hyundai and Tata Motors, diversified into bus manufacturing in 2014 by allying with a European bus maker BredaMenarinibus in a technical collaboration.
Four years later, it tied up with another European automaker, Solaris, to build electric buses in the country. While the domestic bus maker didn’t share the total investments made so far, media reports indicate that it had spent Rs 500 crore in the first phase of its operations and a similar amount for its electric bus business.
JBM Auto rolled out its maiden electric luxury coach 'Galaxy ‘at Auto Expo 2023. Estimated to be priced under Rs 2 crore, the company claimed that the inter-city bus has a range of 1,000 km on a single charge and will be catering to private fleet operators.
JBM Auto, which is the flagship company of the $2.2 billion JBM Group, derives 80 percent of its business from the auto component business and the remainder from the bus manufacturing division.